DO NOT USE STEADILY INSURANCE

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DO NOT USE STEADILY INSURANCE

Cristen MarcottePro Member
LA · Member since 2021 · 15 posts · 6 votes

They are at best the most incompetent brokerage with which I’ve ever worked.   They’ve taken payments for premiums and not bound the policies, and let the policies lapse without my knowledge.  They do not communicate once you’ve informed them of how they screwed up.  They’re absolutely horrific.  I’m now scrambling to get 7 properties insured because of their gross incompetence.

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Brad LarsenPro Member
Property Manager · San Antonio and Austin, TX · Member since 2016 · 377 posts · 380 votes
3y
Quote from @Cristen Marcotte:

They are at best the most incompetent brokerage with which I’ve ever worked.   They’ve taken payments for premiums and not bound the policies, and let the policies lapse without my knowledge.  They do not communicate once you’ve informed them of how they screwed up.  They’re absolutely horrific.  I’m now scrambling to get 7 properties insured because of their gross incompetence.

Sorry to hear.  Maybe reach out to YRIG " Your Renter Insurance Group " ?  They are thier competition and I know the owners. They both own thier own management companies as well, so they understand the needs for investors when it comes to insurance.

Best,
Brad
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  • Brad LarsenPro Member
    Property Manager · San Antonio and Austin, TX · Member since 2016 · 377 posts · 380 votes
    3y
    Quote from @Cristen Marcotte:

    They are at best the most incompetent brokerage with which I’ve ever worked.   They’ve taken payments for premiums and not bound the policies, and let the policies lapse without my knowledge.  They do not communicate once you’ve informed them of how they screwed up.  They’re absolutely horrific.  I’m now scrambling to get 7 properties insured because of their gross incompetence.

    Sorry to hear.  Maybe reach out to YRIG " Your Renter Insurance Group " ?  They are thier competition and I know the owners. They both own thier own management companies as well, so they understand the needs for investors when it comes to insurance.

    Best,
    Brad
    3Reply
  • Cristen MarcottePro Member
    OP
    LA · Member since 2021 · 15 posts · 6 votes
    3y

    Thank you 

    0Reply
  • Jason Sung
    Investor · Dallas, TX · Member since 2019 · 91 posts · 30 votes
    3y

    @Cristen Marcotte, i wonder how you liked your experience with Your Renter Insurance Group?

    0Reply
  • Cameron MoorePro Member
    Insurance Agent · DFW, TX · Member since 2021 · 348 posts · 245 votes
    3y

    I have warned countless people that the "new", "Cheapest", and "shaking up the insurance market" carriers typically come into the market under priced, have a wave of claims, then they either jack up premiums to survive or fire their staff to keep heads above water. I saw this coming with Steadily. 

    [email protected]682-593-4016
    1Reply
  • Cristen MarcottePro Member
    OP
    LA · Member since 2021 · 15 posts · 6 votes
    3y
    Quote from @Jason Sung:

    @Cristen Marcotte, i wonder how you liked your experience with Your Renter Insurance Group?


     They do not write policies in Louisiana where all of my properties are located.

    0Reply
  • Clint Galliano
    Real Estate Agent · Houma, LA · Member since 2016 · 240 posts · 115 votes
    3y
    Quote from @Cristen Marcotte:
    Quote from @Jason Sung:

    @Cristen Marcotte, i wonder how you liked your experience with Your Renter Insurance Group?


     They do not write policies in Louisiana where all of my properties are located.


     What Parishes are your properties located in? The company I use, NREIG, just started writing again in some of the northern parishes, but aren't covering large multi-family and are requiring a minimum dollar amount per ft. sq. 

    1Reply
  • Cristen MarcottePro Member
    OP
    LA · Member since 2021 · 15 posts · 6 votes
    3y

    All of mine are in Orleans and Jefferson parishes.

    0Reply
  • Clint Galliano
    Real Estate Agent · Houma, LA · Member since 2016 · 240 posts · 115 votes
    3y

    @Cristen Marcotte Well, my last post doesn't help you much. Unfortunately, I'm in the same boat with properties in Lafourche, Terrebonne, & St. Mary parishes. 

    0Reply
  • Kevin Ansari
    Lender · New York, NY · Member since 2016 · 4 posts · 1 vote
    2y

    This is hands down one of the WORST insurance company broker whatever they call themselves you can ever use. STAY away from them at all cost. They are pure GARBGE. 3 months after they issued my premium I still get calls from their clowns to sign something and that insurance is not bound....I dont believe they are operating a insurance company, likely a scam artist to be honest 

    1Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
    2y
    Quote from @Kevin Ansari:

    This is hands down one of the WORST insurance company broker whatever they call themselves you can ever use. STAY away from them at all cost. They are pure GARBGE. 3 months after they issued my premium I still get calls from their clowns to sign something and that insurance is not bound....I dont believe they are operating a insurance company, likely a scam artist to be honest 

     Sounds like this is an issue with their call center/in-house agency?  I work with Steadily as an independent insurance agent and haven't had issues.

    Did you e-sign your initial application?  

    What do they want you to sign?

    Royal Oath Insurance Group4.9203 Reviews
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    0Reply
  • Andrew Pennington
    Huntington Beach, CA · Member since 2011 · 16 posts · 1 vote
    2y

    am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.

    0Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
    2y
    Quote from @Andrew Pennington:

    am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.


     I don't believe either of these are actual Steadily MGA policies though.  They're just brokering you to other carriers.  Steadily has their own product (with multiple writing companies) and then they offer policies through other carriers just as an independent agency would.  If you're going to work with an agency, you should work with an actual agency rather that is unbiased in my opinion.

    Royal Oath Insurance Group4.9203 Reviews
    WebsiteView Page
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  • Wendy Fong
    Rental Property Investor · Alameda · Member since 2018 · 6 posts · 1 vote
    1y
    Quote from @Owen Rosen:
    Quote from @Andrew Pennington:

    am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.


     I don't believe either of these are actual Steadily MGA policies though.  They're just brokering you to other carriers.  Steadily has their own product (with multiple writing companies) and then they offer policies through other carriers just as an independent agency would.  If you're going to work with an agency, you should work with an actual agency rather that is unbiased in my opinion.

    I am in California and have Steadily.  I saw their ads on BP.  My broker could not find any other carrier to cover a rental condo.  My umbrella policy just sent me a non-renewal because Steadily is underwritten by Fortega which is not at least B+ rated.  Is Fortegra a carrier for Steadily?  I didn't know there are different carriers with Steadily.  Should I ask for a different carrier?  In the meantime, my broker is shopping for other carriers for umbrella policies.

    0Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
    1y
    Quote from @Wendy Fong:
    Quote from @Owen Rosen:
    Quote from @Andrew Pennington:

    am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.


     I don't believe either of these are actual Steadily MGA policies though.  They're just brokering you to other carriers.  Steadily has their own product (with multiple writing companies) and then they offer policies through other carriers just as an independent agency would.  If you're going to work with an agency, you should work with an actual agency rather that is unbiased in my opinion.

    I am in California and have Steadily.  I saw their ads on BP.  My broker could not find any other carrier to cover a rental condo.  My umbrella policy just sent me a non-renewal because Steadily is underwritten by Fortega which is not at least B+ rated.  Is Fortega a carrier for Steadily?  I didn't know there are different carriers with Steadily.  Should I ask for a different carrier?  In the meantime, my broker is shopping for other carriers for umbrella policies.

    Steadily is an MGA and they also act as an insurance agency.  

    On the MGA side their in-house product is assigned to a different writing company depending on the state and risk.  They/you can't choose the carrier - their software assigns it.

    Fortegra is one of the carriers (paper in insurance parlance) that their product is written on.

    That said, Fortegra is A- rated I believe by AM Best so that isn't the issue.

    I'm going to take a guess and say that your umbrella is written with PersonalUmbrella.com (Markel) and they require all underlying insurance to be A-rated but also with an admitted carrier.  Fortegra is non-admitted in California and that's likely causing the issue.

    Royal Oath Insurance Group4.9203 Reviews
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  • Wendy Fong
    Rental Property Investor · Alameda · Member since 2018 · 6 posts · 1 vote
    1y

    Thank you for the quick reply!  Yes, you are correct, PersonalUmbrella.com (Markel) and non-renewal letter also says must be admitted.  I guess I will just wait to see what umbrella quotes my broker can get.  Thank you very much for the info!

    0Reply
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